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Morning Commentary: AMAG Pharmaceuticals deal comes upsized, cheap; HubSpot prices rich
By Stephanie N. Rotondo
Seattle, May 5 – The convertible bond market got some new issues to play with on Friday.
AMAG Pharmaceuticals Inc. sold $300 million of 3.25% convertible senior notes due 2022, while HubSpot Inc. priced $350 million of 0.25% convertible senior notes due 2022.
For its part, the AMAG deal came upsized from $250 million and with an initial conversion premium of 37.5%. The terms were cheap to the initial price talk of a 2.75% to 3.25% yield and a conversion premium of 37.5% to 42.5%.
As for HubSpot, its terms were on the rich end of revised price talk for a 0.25% to 0.5% yield but were in line with premium talk of 35%.
Initially, price talk on the Rule 144A offering was 0.5% to 1%, with a conversion premium of 30% to 35%.
Additionally, the HubSpot deal was increased from $300 million.
J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC ran the AMAG deal. BofA Merrill Lynch, Morgan Stanley and JPMorgan were bookrunners for HubSpot.
Post-pricing, AMAG’s stock (Nasdaq: AMAG) was off 60 cents, or 3.02%, at $19.30. HubSpot’s shares (Nasdaq: HUBS) were a touch weaker, slipping 15 cents to $70.05.
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